Slides
Page 1
Cerro Bayo Silver-Gold Project Advancing Chile’s historic silver district February 2026 ASX: ASL OTXQX: ADSLF
Page 2
ASX CODE: ASL This presentation has been prepared by Andean Silver Ltd (ACN 645 578 454) (Company) based on information from its own and third party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representationsor undertakingsin this presentation.Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this presentation,its accuracy, completeness, currency or reliability. This presentation is not a prospectus,disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company (Shares). This presentation may not be released to US wire services or distributed in the United States. Shares have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. The distribution of this presentation in the United States and elsewhere outside Australia may be restricted by law. Persons who come into possession of this presentation should observe any such restrictions as any non- compliance could contravene applicable securities laws. NOT INVESTMENT ADVICE Each recipient of the presentation should make its own enquiries and investigations regarding all information in this presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes might have on the Company. Information in this presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of its securities. FORWARD LOOKING STATEMENTS This document contains forward looking statements concerning the Company. Forward-looking statements are not statements of historical fact, and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies.Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmentalregulation and liability and potential title disputes. Forward looking statements in this document are based on the Company’s beliefs, opinions and estimates of the Company as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of commodities, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. JORC CODE It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, may not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Item 1300 of Regulation S-K, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. COMPLIANCE STATEMENTS This Presentation contains references to Mineral Resource Estimates extracted from the Company’s ASX announcement dated 1 April 2025, titled “Cerro Bayo Resource increases by 22 per cent to 111Moz” (refer Appendix C). References in this Presentation to Exploration Results have been extracted from the Company’s ASX announcements dated 1 December 2023, 12 March 2024, 26 March 2024, 3 April 2024, 30 May 2024, 18 July 2024, 5 August 2024, 16 September 2024, 31 October 2024, 17 December 2024, 24 January 2025, 13 February 2025, 27 February 2025, 12 March 2025, 24 June 2025, 18 August2025, 9 October 2025, 21 October 2025, 2 December 2025, 11 December 2025 and 9 February 2026. Andean confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements. Metal equivalents have been calculated at a silver price of US$23/oz and gold price of US$1,900/oz. Individual grades for the metals are set out in the presentation and at Appendix C. Silver equivalent was calculated based on the formula AgEq(g/t) = Ag(g/t) + (83 x Au(g/t) and gold equivalent was calculated based on the formula AuEq(g/t) = Au(g/t) + (Ag(g/t) / 83). Metallurgical recoveries for gold and silver are closely linked and are typically 90-93% for gold and silver. The actual assumed metallurgical recovery rate used to calculate the metal equivalents is 90% for each of gold and silver. The Company considers the estimation of metallurgical recoveries in respect of exploration work to be reasonable based on the past processing records from the nearby Cerro Bayo plant between 1995 and 2016, and work undertaken in preparing the mineral resource estimate. It is the Company’s view that all elements in the silver and gold equivalents calculations have a reasonable potential to be recovered and sold. INVESTMENT RISK There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including and not limited to the Company's capital requirements, the potential for shareholders to be diluted, risks associated with the reporting of resources estimates, budget risks, risks associated with the COVID-19 pandemic and operational risk. An investment in Shares is subject to known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company. FINANCIAL DATA All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. The information contained in this Presentation may not necessarily be in statutory format. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. DISCLAIMERS 2
Page 3
ASX CODE: ASL Corporate structure 1. As at 31 December 2025 plus receipt of A$6.0m in SPP proceeds post quarter report. 2. As at 5 February 2026. Well funded with strong support from foundation shareholders … CAPITAL STRUCTURE 1 Shares on issue 211.8 M Unlisted Options, RSUs & Performance Rights 18.0 M Share price 2 A$2.06 Market Capitalisation A$436 M Cash Position 1 ~A$62 M Debt 1 A$0.0 M SHAREHOLDER SUMMARY 2 Board and Management 9.3% incl. Stephen Parsons 5.5% Australian and Global Institutions 53.4% incl. Scotia Asset Management (1832) 7.9% incl. Equinox 6.5% incl. Sprott Inc. and Sprott Silver Miners & Physical ETF 5.8% GLOBAL RESEARCH COVERAGE Kyle De Souza Tim McCormack Brandon Gaspar SHARE PRICE PERFORMANCE SINCE ACQUISITION 3 - 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 - 0.50 1.00 1.50 2.00 2.50 3.00 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Share Price (AUD $ per share) Closing Share Price - ASX Volume - ASX
Page 4
ASX CODE: ASL Cerro Bayo Silver-Gold Project Advanced, Established Project with Sustained Growth Grade and Scale Resource of 9.8Mt @ 353g/t AgEq for 111Moz AgEq* Contained 47Moz of Silver and 0.8Moz of Gold* Primary Gold and Silver with Zn, Cu and Pb potential Strong Value Creation ~350% Resource growth over 2yrs ~3,655% increase in shareholder value Consistent monthly newsflow Established Mining Site Over 400sqkm of land holding Existing permits, water and power >A$150m of existing infrastructure and 30yrs of mining 4* Refer to ASX release dated 1 April 2025 and Appendix C.
Page 5
ASX CODE: ASL Board and Management Ray Shorrocks Non-Executive Director Alicanto Minerals (Non-Exec Chair), Cygnus Metals (NED) Jessie Liu-Ernsting Independent Non-Executive Director FireFly Metals (Chief Corporate Development Officer) Carl Travaglini Independent Non-Executive Director Midas Minerals & Cygnus Metals (CFO), Cygnus Metals (Joint Co Sec) Michael Naylor Corporate Consultant FireFly Metals (Executive Director) David Southam Non-Executive Chair Mr Southam is a FCPA with over 30 years’ experience in accounting, operations, capital markets & finance across the resources & industrial sectors. He was previously Managing Director of Mincor Resources NL & was Executive Director of ASX200 nickel company Western Areas & has held senior executive roles within Brambles Group, ANZ Investment Bank. He is currently Executive Chairman of Cygnus Metals (ASX: CY5) & Non-Executive Director of Ramelius Resources (ASX: RMS). Tim Laneyrie Chief Executive Officer Mr Laneyrie has previously held senior positions with Northern Star Resources, Saracen Minerals & Resolute Mining. Mr Laneyrie is an experienced geologist with 20 years’ industry experience in Australia and Africa spanning exploration, resource development, mining and business development. Damien Koerber COO – Americas and GM Exploration Mr Koerber brings over 30 years of experience in technical and management roles in exploration across Australia & Latin America for Newcrest, Billiton, MIM, Mirasol Resources. He was an integral team member in several significant precious metal discoveries in both continents including Sunrise Dam (Anglo Ashanti) and Tanami (Newmont). Proven Leadership Team at growing shareholder value … Steve Parsons Corporate Consultant FireFly Metals (Managing Director) Matthew Allen Chief Financial Officer Mr Allen is a FCA and has more than 25 years’ experience in the resources finance sector in a range of commodities. He has significant experience in debt and equity funding solutions for resources development, and the operation and management of listed public companies. He was previously CFO of Global Lithium Resources and Hastings Technology Metals. Alvaro Fuentes GM - Operations Mr Fuentes has a strong record of success in providing strategic and operational guidance. He has experience in guiding companies through substantial growth and innovation, with asset sales exceeding $100 million. He was previously the General Manager for KGHM and Commercial Director of Ausenco South America. Maddison Cramer Joint Company Secretary Cygnus Metals and Midas Minerals (Co Sec), Belltree Corporate (Managing Director) Alex Forster Exploration Manager Ms Forster is an experienced exploration geologist with a diverse background across Africa, Latin America, and Australia. She has held senior roles at Bellevue Gold (ASX: BGL) and Bellavista Resources (ASX:BVR), where she gained valuable management and technical expertise. Ms Forster is passionate about exploration and enabling collaborative team environments. Sofia Aravena Environment Manager Ms Aravena is a hydrogeologist specializing in water resources, she has over 20 years of experience in environmental assessment and sectoral permitting. She previously served as Head of the Environmental Assessment Department at the SEA Executive Directorate and as Project Manager at the consulting firm Minería y Medio Ambiente Ltda. (Myma). 5
Page 6
ASX CODE: ASL 3 Key Pillars for 2026 6 Drilling Aggressive drilling campaign planned for 2026 Target high value Laguna Verde district (<2km from mill) Integrate Cerro Bayo growth drilling into 2026 plan PLANNING Develop mine plan to understand key focus for CY2026 and restart planning and project value Map out early works programs (permits, metallurgy, geotechnical, Infrastructure upgrades) EXPLORATION Continue to re-evaluate historically underexplored near mine targets to support growth drill campaigns Progress greenfields exploration campaigns to establish long life project pipeline
Page 7
ASX CODE: ASL 7 Laguna Verde District Taitao Cristal Pegaso7 Temer Tranque Delia SE Coyita Fabiola Dagny Appaloosa Processing & TSF 70% of the Current MRE located within 1.5km of 1,650tpd processing facility Open Pit JORC Inferred Resource of 3.0Mt @ 171g/t AgEq for 16Moz AgEq* Underground JORC Inferred and Indicated Resources of 4.3Mt @ 458g/t AgEq for 64Moz AgEq* 4 Drill rigs successfully targeting the Temer, Appaloosa, Delia SE and Coyita zones 3 New discoveries made in area over previous 1.5yrs (Temer, Cristal, Coyita HW) Permitted TSF, waste dumps, Environmental approvals with active ~1.2Mt mining permit * Refer to ASX release dated 1 April 2025 and Appendix C. Mines Infrastructure UG mine office
Page 8
ASX CODE: ASL 8 Laguna Verde Fly Through Video Link https://www.andeansilver.com/wp-content/uploads/2026/02/Taitao_Flayover_Labelled_v2.mp4
Page 9
ASX CODE: ASL 9 Coyita Trend – Long life underground Single, Sub Vertical, high-grade Silver-Gold Vein over 1.3km of strike Mined by traditional Long Hole Stoping from 2014-2017, 4m x 4.5m Decline, 1m minimum mining width at 165g/t AgEq Recent Drilling identified 200m vertical extents and new parallel mineralised trends Mines Infrastructure UG mining office/workshop Coyita stoping level 1 * Refer to ASX releases dated 16 March, 6 September, 31 October and 17 December 2025, and 27 February and 24 June 2025.
Page 10
ASX CODE: ASL 10 Temer – Near mill growth story Temer mine located ~750m from 1,650tpd processing facility Drilling campaign currently targeting Down plunge growth and conversion from inferred to indicated First drilling and exploration at Temer in over 20yrs Mines Infrastructure Processing & TSF *See ASX releases dated 9 October and 11 December 2025, and 9 February 2026
Page 11
ASX CODE: ASL 11 Delia Sth Trend – High Grade and Open High Grade Silver-Gold Vein with multiple splay veins remaining unmodelled Delia mine located ~1.5km from 1,650tpa processing facility Drilling campaign currently targeting Dow plunge growth and conversion from inferred to indicated Mines Infrastructure Processing & TSF *See ASX releases dated 1 December 2023, 4 March 2024 and 11 December 2025
Page 12
ASX CODE: ASL 12 Laguna Verde Growth Potential Temer Discovery New veins discovered 750m from Processing Facility Discoveries sit proximal to areas mined 25yrs ago Drilling commencing on new discoveries in current quarter High grade intercepts1 include: 1.3m @ 2,661g/t AgEq or (~32g/t AuEq) 0.7m @ 6,167g/t AgEq or (~74g/t AuEq) 0.5m @ 7,781g/t AgEq* or (~93g/t AgEq) *E.G. with 0g/t waste dilution = 1.5m @ 2,594g/t AgEq or ~31g/t AuEq) 1 See ASX releases dated 18 August 2025 and 9 October 2025
Page 13
ASX CODE: ASL 13 Laguna Verde Growth Potential Taitao Cristal Pegaso7 Temer Tranque Delia SE Coyita Fabiola Dagny Appaloosa Processing & TSF Mines Infrastructure Focused Exploration Next to Infrastructure New discovery has untested potential to extend mineralisation laterally from Taitao to Cristal over 450m as well as depth Andean taking a disciplined, exploration first approach Exceptional grades* including: 21,282g/t AgEq or (~256g/t AuEq) 13,707g/t AgEq or (~165g/t AuEq) 10,460g/t AgEq or (~126g/t AgEq) *See ASX releases dated 2 December 2025
Page 14
ASX CODE: ASL 14 Cerro Bayo Growth Outcrop within Droughtmaster
Page 15
ASX CODE: ASL District Scale Potential Cerro Bayo District ASX CODE: ASL Current Activities Drill planning for CY2026 programs Continued exploration campaigns to establish targets ahead of drilling 1. Refer to ASX release dated 1 April 2025 and Appendix C. 2. Coeur/Mandalay production reconciliations. Targeting new discoveries in highly prospective extension … Historic mining from outcropping veins Average mining depth to 150m Exploration historically focused on only drilling below outcropping high grade veins Limited Epithermal knowledge, geophysical and hyperspectral work 15 Pampa La Perra High-grade Underground Veins • JORC underground Resource of 2.5Mt @ 393g/t AgEq for 31Moz AgEq1 • High grade vein mineralisation • Unmodelled and under extracted halo mineralisation in and around Cerro Bayo mine • Historical production of 36.5Moz AgEq at 679g/t AgEq from 2002-20082
Page 16
ASX CODE: ASL 16 Guanaco - Cerro Bayo Fly Through Video Link https://www.andeansilver.com/wp-content/uploads/2026/02/Cerro-Bayo_Labelled_V2.mp4
Page 17
ASX CODE: ASL 17 Cerro Bayo Exploration Success Guanaco Exploration Growth Defining multiple new veins in a mature district Veins have both width and grade with potential for depth extensions 1.5m @ 534g/t AgEq or (~6.4g/t AuEq) 1.6m @ 496g/t AgEq or (~6.0g/t AuEq) 2.6m @ 251g/t AgEq or (~3.0g/t AgEq) *See ASX releases dated 2 December 2025
Page 18
ASX CODE: ASL Marcela Sth Vein › Part of a larger 1.5km vein system › Development in place › Untested mineralised shoots › Known mining conditions Refer to ASX release dated 10 September 2024. Significant drill results1 include: 2.0m @ 1,322g/t AgEq (900g/t Ag & 5.1g/t Au) (~2.0m @ 15.9g/t AuEq) 5.0m @ 798g/t AgEq (452g/t Ag & 4.2g/t Au) (~5.0m @ 9.6g/t AuEq) 3.9m @ 956g/t AgEq (624g/t Ag & 4.0g/t Au) (~3.9m @ 11.5g/t AuEq) 1. Refer to ASX release dated 16 September 2024. Marcela Sth unmined stope panel ~2007 Advanced project with untested mineralized extensions … 18
Page 19
ASX CODE: ASL 19 Cerro Bayo Exploration Cerro Bayo Dome, Site of Cerro Bayo underground
Page 20
ASX CODE: ASL 20 Cerro Bayo Project pipeline Generating consistent new discoveries Laguna Verde • Continued discoveries proximal to infrastructure • New discoveries leading to initial resources within 1yr of discovery: Pegaso 7 and Cristal Droughtmaster • New vein discoveries extending over 4km x 2km with grades up to 30,202g/t AgEq • Geophysics identified depth of system up to 400m vertical Cerro Bayo • Multiple brownfields vein extensions proximal historic mines • Geophysics identified undiscovered, undercover veins • No drilling in district for over 20yrs Sinter Hill • Untested Sinter Cap with recent identified veins extending below cover up to 2km strike Poly-Metal targets • Multiple zones of Zn-Cu-Pb-Sn-Sb-Mo mineralisation throughout the tenure • Historically ignored to chase Ag-Au Laguna Verde Cerro Bayo Droughtmaster Sinter Hill Poly Metal Targets
Page 21
ASX CODE: ASL Regional Potential * Refer to ASX releases dated 5 August 2024, 24 January 2025 and 28 May 2025. Emerging untested district scale exploration opportunity … 21 Droughtmaster Corridor Consistent discoveries over 2yr window Recent geophysics shows considerable depth (+300m) Future Drilling program to be developed to test large, greenfield exploration potential Veta Madre Sofia Breccia
Page 22
ASX CODE: ASL 22 Veta Madre – Veta Segunda Targets Fly through Video Link https://www.andeansilver.com/wp-content/uploads/2026/02/Veta-Madre_Secunda_Labelled_V2.mp4
Page 23
ASX CODE: ASL Investment Overview 23 Drilling Aggressive drilling campaign planned for 2026 Target high value Laguna Verde district (<2km from mill) Integrate Cerro Bayo growth drilling into 2026 plan Planning Develop internal mine plan Progress infill drilling and study work Map out early works programs (permits, metallurgy, geotechnical, Infrastructure upgrades) Exploration Continue to re-evaluate historically under-explored near mine targets Advance greenfields exploration campaigns to established long life project pipeline
Page 24
ANDEANSILVER.COM (+61) 8 6256 3950 Level 2/8 Richardson Street, West Perth, WA 6005 info@ANDEANSILVER.com
Page 25
ASX CODE: ASL APPENDIX Appendix A – Geology and exploration overviews Appendix B – Silver Statistics Appendix C – Mineral Resources 25
Page 26
ASX CODE: ASL SAG MILL FLOAT CIRCUIT Planning 26 Existing Environmental Permits (granted 1994) Water Permits (800L/S) Milling Infrastructure (1,650tpd Au-Ag float) Existing undergrounds (+30km) mine offices, power (13MW), Lab, workshops Mine, TSF , Waste dump licenses (~1.2Mt capacity) 2026 Restart Planning Scoping level open pit and underground plan Permitting, metallurgy, geotechnical Feasibility level conversion drilling (1) Crusher, (2) Mill, (3) Taitao Pit, (4) offices, (5), assay lab, (6) HV workshop/stores, (7) Power) 1 2 4 5 6 73
Page 27
ASX CODE: ASL District Opportunities Los Domos – polymetallic extension Drill Intercepts include: › 1.3m @ 27.42g/t Au, 32g/t Ag, 0.04% Pb, 0.2% Zn, 0.15% Cu › 9.7m @ 181g/t Ag, 2.58g/t Au, 4.15% Pb, 8.5% Zn, 0.4% Cu › 2.7m @ 132g/t Ag, 1.32g/t Au, 11.4% Pb, 10.7% Zn, 0.32% Cu › 8.39m @ 248g/t Ag, 20.7% Pb, 7.1% Zn, 0.7g/t Au › Polymetallic intermediate sulphidation style deposit with only ~7,000m drilled to date – walk up drill targets › Los Domos covers a 10km Strike › Southern Extension to the Cerro Bayo Project = 26km long vein system High grade polymetallic mineralisation from Los Domos in hole LDD001 Los Domos zone *Refer to ASX release dated 1 December 2023
Page 28
ASX CODE: ASL Exceptional high grade surface rock chips including: District Opportunities Gold Rich Zone Copper Rich Zone › 20.6% Cu, 30.8g/t Ag, 0.38% Zn, 0.17% Pb, 0.26g/t Au › 16.2% Cu, 24.6g/t Ag, 0.18% Zn, 0.11% Pb, 0.15g/t Au › 6.79% Cu, 11.7g/t Ag, 0.53g/t Au › 4.34% Cu, 12.5g/t Ag › 5.40g/t Au, 6.2g/t Ag › 4.91g/t Au, 3.8g/t Ag › 3.93g/t Au, 12.2g/t Ag Polymetallic Rich Zone › 7.95% Zn, 35% Pb, 0.35% Cu, 112g/t Ag › 19% Zn, 20.8% Pb, 1.12% Cu, 100g/t Ag › 9.74% Zn, 7% Pb, 0.33% Cu, 54.7g/t Ag › 7.2% Zn, 5.7% Pb, 0.78% Cu, 84.8g/t Ag Cerro Diablo – VMS style mineralization › Cerro Diablo geological model related to Hod Maden style Hybrid mineralisation (VMS/intermediate sulphidation) › Large Permit with high priority walk up drill targets › Over 1km of surface veining and alteration *Refer to ASX release dated 1 December 2023. Sample ID 456954* Sample ID 456968*
Page 29
ASX CODE: ASL Resources outcropping at surface provides low cost start up … Multiple high-grade lodes exposed on surface Historic open cut operations and undergrounds Optionality for future mine restart Significant drill results1 include: 3.1m @ 923g/t AgEq (252g/t Ag & 8.1g/t Au) (~3.1m @ 11.1g/t AuEq) 6.1m @ 724g/t AgEq (492g/t Ag & 2.8g/t Au) (~6.1m @ 8.7g/t AuEq) 1.3m @ 2,267g/t AgEq (1,441g/t Ag & 10g/t Au) (~1.3m @ 27.3g/t AuEq) 1. Refer to ASX release dated 16 September 2024 Guanaco Nth Slot Cut Outcropping Mineralization 29
Page 30
ASX CODE: ASL Pegaso 7 – High value Growth Refer to ASX releases dated 16 September 2024, 31 October 2024, 27 February 2025, 1 April 2025 and 24 June 2025. Pegaso 7 New Discovery, Historic district Green = Laguna Verde Complex, Purple = Tranque, Blue = Cristal, Orange = Temer › Surface mineralisation extends over 1km in strike with multiple shoots and not fully tested › Short 2km haulage to the processing plant › Initial resource of 6Moz @ 342g/t AgEq (4.1g/t AuEq) (Inf 1.6Moz @ 306g/t AgEq, Ind 4.1Moz @ 356g/t AgEq) › Continued evaluation of down dip and along strike growth potential 30
Page 31
ASX CODE: ASL Droughtmaster corridor Continued new discoveries (Monserrat) Geophysics completed over Droughtmaster corridor Further growth continuing on surface and undercover Future drilling program to be developed to test large, greenfield exploration potential * Refer to ASX releases dated 5 August 2024, 24 January 2025 and 28 May 2025. Emerging untested district scale exploration opportunity … A1 A B1 B C1 C 31
Page 32
ASX CODE: ASL Geophysical Program – Droughtmaster Identification of deep structures throughout Droughtmaster All known veins returned strong and deep alteration responses See announcement dated 13 February 2025, 12 March 2025 and 28 May 2025. Large target corridors, deep and consistent … Excellent correlation of resistivity highs against known trends (Marcela/Raul and Cerro Bayo) Large corridor of similar scale to Cerro Bayo detected under cover at Pampa la Pera where no previous drilling conducted Guanaco 1 Mine Pampa la Perra target Claudia/Guanaco Vein Guanaco 2 Mine 32 New Vein
Page 33
ASX CODE: ASL Silver – Powering The Future World Vault Stocks Decreasing to Meet Increasing Demand* LME -29% (~827 Moz remain) CME -10% (~319 Moz remain) SGE -45% (~40 Moz remain) SHFE -42% (~44 Moz remain) At Current Consumption Demand Ratio ~5.8yrs of Vault Stocks Remain Finite Supply 2021 to 2024 Cumulative Deficit of ~650 Moz Photovoltaics (~20g of Silver per KW) Future Technology Value (5G Networks, Hydrogen Storage, Lithium Extraction, solid state batteries) Water Purification (Silver Dust Used to Purify Water) Electrical Applications (19% of Silver use in Electrical Circuits) Medical and Sanitarys (Biomedical, Dentistry, Anti-Bacterial Uses, Medical Imagery) Financial Value (Currency, Jewellery) *Refer to Appendix B for Sources 0 200 400 600 800 1000 1200 1400 1600 1800 0 200 400 600 800 1000 1200 1400 Moz Silver (Vault Stocks) Moz SIlver (Demand) Mine Supply (Moz) Recycling Capacity (Moz) Market Demand (Moz) Auditable Vault Stocks (Moz) World silver stockpiles falling as demand growth continues … 33
Page 34
ASX CODE: ASL Silver Statistics APPENDIX B Global Silver production versus demand Major bullion vaults stocks 2020-2024 2020 2021 2022 2023 2024 2yr_avg London Vaults 1080.5 1161.5 840.9 856.2 827.5 -29% CME 396.5 355.7 299.0 277.9 318.6 -10% SGE 130.0 73.9 69.0 46.5 40.5 -45% SHFE 95.2 75.9 69.2 38.2 43.9 -42% Total 1702.2 1667.0 1278.1 1218.8 1230.6 -26% Year Mine Supply (Moz) Recycling Capacity (Moz) Market Demand (Moz) Deficit (Moz) Auditable Vault Stocks (Moz) 2014 882 160.4 1110 -67.6 2015 896 146.9 1153 -110.1 2016 899.8 145.6 1074 -28.6 2017 863.6 147 1053 -42.4 2018 850.3 148.5 1081 -82.2 2019 836.6 148 1004.4 -19.8 2020 782.2 164.3 989 -42.5 1,702 2021 827.6 175.3 1158 -155.1 1,667 2022 822.4 180.6 1278.9 -275.9 1,278 2023 830.5 178.6 1195 -185.9 1,219 2024 819.7 193.9 1224.5 -210.9 1,230 2025E 835.0 193.2 1215.9 -187.7 Data sourced from the Silver Institute’s yearly World Silver Survey World-Silver-Survey-2025.pdf (silverinstitute.org) 34
Page 35
ASX CODE: ASL Cerro Bayo Project Mineral Resource Estimate APPENDIX C 1. Mineral Resource Estimates are classified and reported in accordance with the JORC Code 2012. 2. Open pit (OP) resources at Taitao are reported to a cutoff grade of 65g/t AgEq. Taitao Underground (UG) Mineral Resources are reported at a cut-off of 165g/t AgEq beneath the open pit. Laguna Verde Mining Complex (LVMC) and Cerro Bayo Mining Complex (CBMC) Resources external to Taitao are reported at a cut-off of 200g/t AgEq. 3. Pit optimisation shells were used to constrain the resource using a gold price of US$1,850/oz and Silver price of US$24/oz. 4. Silver equivalents are calculated using the equation AgEq = Ag(g/t) + (83 x Au(g/t) and gold equivalents are calculated based on the equation AuEq = Au(g/t) + (Ag(g/t) / 83) based on a gold price of US$1,900/oz and Silver price of US$23/oz. Individual grades for all metals included in the metal equivalents calculation are set out in the table above. Metallurgical recoveries for gold and silver are closely linked and are typically 92- 93% for gold and silver. The actual assumed metallurgical recovery rate used to calculate the metal equivalents is 90% for each of gold and silver. The Company considers the estimation of metallurgical recoveries in respect of exploration work to be reasonable based on the past processing records from the nearby Cerro Bayo plant between 1995 and 2016, and work undertaken in preparing the mineral resource estimate. It is the Company’s view that all elements in the silver and gold equivalents calculations have a reasonable potential to be recovered and sold. 5. Bulk Density of 2.63g/cm3 has been applied to veins and 2.57g/cm3 has been applied to stockwork and waste domains. 6. No internal selectivity or dilution has been applied and the stockwork domains have been modelled using an SMU of 2.5m x 5m x 2.5m (X,Y,Z) with dilution incorporated into the SMU. 7. Numbers may not add due to rounding. As at 1 April 2025 Indicated Area Tonnes (Mt) Ag Grade (g/t) Au Grade (g/t) Silver (Moz) Gold (Moz) AgEq (g/t) AgEq (Moz) AuEq (g/t) AuEq (Moz) LVMC - UG 1.0 331 3.1 10 0.1 588 18 7.1 0.2 1.0 331 3.1 10 0.1 588 18 7.1 0.2 Inferred Area Tonnes (Mt) Ag Grade (g/t) Au Grade (g/t) Silver (Moz) Gold (Moz) AgEq (g/t) AgEq (Moz) AuEq (g/t) AuEq (Moz) LVMC - UG 3.3 174 3.0 19 0.3 421 46 5.1 0.5 LVMC - OP 3.0 38 1.6 4 0.2 171 16 2.1 0.2 CBMC - UG 2.5 197 2.4 16 0.2 393 31 4.7 0.4 8.8 136 2.3 38 0.7 330 93 4.0 1.1 Total Indicated and Inferred Tonnes (Mt) Ag Grade (g/t) Au Grade (g/t) Silver (Moz) Gold (Moz) AgEq (g/t) AgEq (Moz) AuEq (g/t) AuEq (Moz) 9.8 151 2.4 47 0.8 353 111 4.3 1.3 35